Costs Associated with Exit and Restructuring Activities |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Costs Associated with Exit and Restructuring Activities | NOTE 7 – Costs Associated with Exit and Restructuring Activities Restructuring charges are reported as a separate line within operating earnings in the Condensed Consolidated Statements of Earnings. Total restructuring charges are as follows:
During the three months ended June 30, 2025, we incurred total restructuring charges of $297, comprised of $293 and $4 in workforce reduction and building and equipment relocation costs, respectively. During the six months ended June 30, 2025, we incurred total restructuring charges of $749, comprised of $687, $25 and $37 in workforce reduction, building and equipment relocation costs, and asset impairment and other charges, respectively. The workforce reduction charges incurred are for restructuring activities used to adjust our business in response to reduced demand across certain locations and products. Restructuring charges incurred in relation to building and equipment relocation costs and other charges are for activities intended to consolidate operations across our site locations. The remaining liability associated with our other restructuring actions was $734 and $798 at June 30, 2025 and December 31, 2024, respectively. The following table displays the restructuring liability activity included in accrued expenses and other liabilities for the six months ended June 30, 2025:
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